Nor is a currency's strength a reliable indicator of international confidence: despite the dollar's slide, few doubt that America's economic prospects, short- and medium-term, are better than Europe's.

ECONOMIST: Beer should be strong. Currencies, not necessarily

Reserve accumulation, an indicator of the degree of Chinese intervention in the currency market, has slowed markedly since the third quarter of 2011 as China buys less U.S. debt.

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